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Politics : Rat's Nest - Chronicles of Collapse

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To: Wharf Rat who wrote (9750)	12/1/2009 11:57:55 PM
From: Wharf Rat	Read Replies (2) of 24210

Mexico Oil Output to ‘Decline Sharply,’ Barclays Says By Andres R. Martinez Dec. 1 (Bloomberg) -- Mexico’s oil output may “decline sharply” next year as state-owned Petroleos Mexicanos enters a sixth year of falling production, Barclays Capital said. Output may drop 8.9 percent in 2010 from this year, Helima Croft and other analysts said in a note to clients today. Mexico, which pumped 2.607 million barrels a day of oil through October, may see Pemex’s output fall to 2.374 million barrels, according to Bloomberg calculations using Barclay’s estimate. Mexico has pumped less oil since 2003, costing the Mexico City-based company about 300 billion pesos ($23.3 billion) in lost sales this year. Pemex’s proved reserves may drop for the 11th year in 2010, as the company struggles to find new fields to replace its mature Cantarell field. “The decline in Mexican oil output picked up speed in October,” Croft said in the note. “We expect Mexican oil output to continue to decline sharply.” To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28@bloomberg.net. Last Updated: December 1, 2009 14:13 EST bloomberg.com

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